Tuesday, December 23, 2014

Small Business Tax Considerations for Year-End 2014

And so it begins, the time of year when you’re likely to get inundated with appointment requests and phone calls from your small business clients, looking for advice to help them save money and protect them from potential IRS penalties as they close out the books for 2014.
It’s natural they turn to you, their most trusted advisor, for this support. And how you respond says a lot about your firm and the value you place on developing long-term relationships with your small business clients.
Communication, knowledge and education are the keys to offering your clients unparalleled service and value. Take this opportunity to inform your clients about items of increasing regulatory importance, and be sure they have a solid understanding of some of the fundamentals. 
Here are three tax considerations to share with your small business clients as we approach year-end 2014:
Be Aware of State Tax Nexus Laws 
As most accountants know, a nexus in tax law applies to businesses that have a physical location within a state, and consequently impose taxes on out-of-state businesses that operate within their borders. Not all businesses are liable for sales tax under a nexus, but if a business falls under one of the following categories they may be liable: resident employees working within the state where the business is located; the business’s physical location is within the state; the business has tangible or intangible property in the state; or employees solicit business within the state. Each state has nexus laws to govern sales taxes, so it’s important for businesses to have an expert available to educate them on tax laws that impact the specific areas where they do business....

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Source: Mike Trabold (www.accountingtoday.com)

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